If you’re trying to get out of debt, but things seem to be going slowly, you’re not alone. Many people struggle with how to get debt paid off in a timely manner. Whether you have large amounts of debt, or you just need to knock out a few thousand, here are 5 ways to accelerate your debt elimination strategy.
- Think about the big expenses. I advise people to make a list of the highest expenses they have month to month. Then, take the top 5 things and truly consider if those things need to be in your life. Do you have too much house? How about those car payments? What can you eliminate from your life to free up your cash flow and blast huge chunks of debt out of the water?
- Think about the small expenses. That’s right, think small. Some things can nickel and dime us to death. Going out to eat too often? Buying trinkets that you can live without? Curb your nicknack habit and you’ll be closer to paying off that debt.
- Take that extra job. Sometimes finding an extra job can be just the thing to get you on the right financial track. Mow lawns, deliver pizzas, do whatever it takes!
- Advance your education. Raising your income often comes after learning a new skill or taking some college courses. We live in an information-based world. If you can learn something that people need, you can make that extra money to push your debt off the cliff.
- Get intense and focus on one loan at a time. Focus on the debt with the lowest balance first. Put as much money as you can towards this debt while still making minimum payments. Don’t worry about the interest rate too much. You’ll feel an exhilaration as you annihilate your first debt and it will encourage you to strive towards eliminating the next.
You can do it. Sometimes it takes a little extra effort, but it is well worth it. Accelerating your debt elimination strategy takes some innovative thinking. Dare to imagine new ways of getting rid of those payments!